The North Lakes broker said the FHOCG replaces the $7,000 First Home Owners Grant, which was introduced by the Federal Government in 2000.

Ms Migliorisi said under the new FHOCG people purchasing new property for under $750,000 will be $8,000 better off than under the old scheme.

“If you’ve been thinking of purchasing now is definitely the time to do it,” she said.

“Of course, in any market there are things to watch out for and an expert mortgage broker is the best person to guide first time buyers looking to take advantage of the new FHOCG.

“Buyers should be careful about unscrupulous builders. Even though the $15,000 grant is a huge boost to a buyer’s purchasing power, some builders will try to price it into their total costs so they get the advantage and not the purchaser.

“Watch out also for valuation shortfalls. They are just one of the signals that tells you the price has been inflated. If valuations are coming in lower than the contract price, then you will struggle in obtaining finance to complete your purchase.”

Ms Migliorisi said some lenders will also want to include extras such as landscaping or a swimming pool into the home contract.

“Lenders like to have everything in front of them in a single contract,” she said.

“But these problems can be eased if you use a mortgage broker to help you structure your deals and contracts.”

Ms Migliorisi said the FHOCG is expected to boost the construction industry as interest from first time buyers shifts from established homes to new builds.